Bitcoin is a little over 6 months away from its next halving event
Historically, these have been very bullish for the price of bitcoin, both one year prior and one year post halving.
We only have two other data points (halvings) to go off of, and two data points don't really give us a large set of data to draw from, so keep that in mind.
That being said, what happened the last time we were roughly 6 months out from the next block reward halving?
Interestingly enough, we saw prices make a low right around that time as well.
In 2016, we saw prices make a low of around $350 roughly 6 months before the halving and then reach a high of $780 roughly one month prior to the halving.
Check it out:
(Source:
)https://twitter.com/realSatoshi_/status/1187331794967896065
- realSatoshi_
Cool, so what does that mean for us right now?
Well, maybe nothing, but perhaps something.
If we take those same percentage moves and apply them to today's time frame...
We would see the price of bitcoin bottoming around this time and around current levels.
Then, applying the same percentage move...
We would see a price of roughly $16,500 by March/April of 2020.
The odds of things playing out exactly like this are probably pretty low, but it is interesting to note never the less.
The next halving event is currently expected to take place on May 13, 2020.
https://www.bitcoinblockhalf.com/
We are about 25% of the way into what has historically been a very bullish period of time for the price of bitcoin.
Stay informed my friends.
-Doc